Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent.
Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.
Banks, data aggregators and fintechs have clashed for a decade over how consumers’ bank account data should be shared with third parties. The agency says it will offer a plan, and industry officials have plenty of suggestions already.
The Fed announced no new actions but chairman says rebound depends on containing the virus; advocates say this may be the right time to pull the plug on the lowly one-cent coin.
Regulators are urging banks to offer small-dollar loans again and lifting existing restrictions on nonbank lenders. But the real challenge is making those loans favorable to consumers without losing money.
The 15 executives selected for our Most Powerful Women in Banking: Next list all have remarkable stories. Over the past year each of them has taken on a major project for their company and produced impressive results. Yet none are older than 40.
